First Citizens beats profit estimates, says SVB business stabilized https://t.co/x0ExHP6N8D https://t.co/SPfuv5LXKO
First Citizens’ stock boosted by first-quarter earnings, while Valley National shares drop https://t.co/8mXp1BF17A
First Citizens’ first-quarter profit tops estimates on interest income strength https://t.co/N0vkFR1kPC


First Citizens, the acquirer of Silicon Valley Bank following its collapse, raised its lending income guidance for 2024. The first-quarter profit exceeded estimates due to strong interest income. The results indicate the first net growth in loans at Silicon Valley Bank post-collapse, as it competes with new entrants like HSBC and JPMorgan. First Citizens' stock rose after beating profit estimates and stabilizing SVB business.